However you work your taxes - the old-fashioned way, utilizing software packages or hiring a professional - it is more than worthwhile to be aware of the income tax deductions and credits which can save you money.
According to the Internal Revenue Service, the biggest claimed value comes from personal exemptions, which in 2005 came to […]
If you’ve ever stooped through a short door or tried to reach a book off the top shelf you know how uncomfortable it is to be the wrong size. The same thing is true with taxes - many tax benefits are only available to families and individuals whose AGI (adjusted gross incomes) or MAGI (modified […]
Deductions are expenses the IRS allows you to subtract from your taxable income, lowering your overall tax bill. There are two ways to file deductions - using the standard deduction, and “itemizing.”
Standard Deductions
Every taxpayer is allowed to take a standard deduction. The standard deduction assumes you have an “average” amount of tax-deductible expenses, and lumps […]
What’s the difference between a taxidermist and a tax collector? According to Mark Twain, “The taxidermist takes only your skin!” Many Americans would agree with him - tax bills often seem unreasonably high. Fortunately, there are many completely legal ways to reduce your taxes and keep more of your hard-earned money for yourself and your […]
This tax season 10% of Americans will let someone borrow them their own money through a tax refund anticipation loan. Rates might be as high as 744%. A rapid refund is just your income tax refund given to you on the spot by your tax preparation service- usually within 1-2 days. Rather than waiting for […]
Wesley Snipes, star of such amazing action films such as Blade, Blade II, Blade III, Blade IV, and Blade V faces 17 years of imprisonment and resulting ass-rape for charges of failing to file a tax return.
Mr. Snipes’ defense is that he was “following unscrupulous tax advice”.
Riding on the coattails of TurboTax’s Free Tax Question gimmick, the Virginia society for Certified Public Accountants have decided to throw their own version of this same shindig.
Anyone who files federal or state tax returns in the Commonwealth of Virginia is offered free tax help and tax advice through the Tax Resource Center part of their website: […]